https://www.taxtmi.com/caselaws?id=96793 Money handed to a bank for telegraphic transfer, where it was received for a specific remittance purpose, never credited to the applicant's current account, and the transfer was not completed before the bank suspended payment, was treated as held apart as the applicant's property. On those facts, the bank was regarded as acting merely as agent rather than as owner of the funds, and the applicant was entitled to preferential payment ahead of ordinary creditors. en-us Fri, 21 Apr 1939 00:00:00 +0530 Wed, 11 Jan 2012 11:58:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96793 Money handed to a bank for telegraphic transfer, where it was received for a specific remittance purpose, never credited to the applicant's current account, and the transfer was not completed before the bank suspended payment, was treated as held apart as the applicant's property. On those facts, the bank was regarded as acting merely as agent rather than as owner of the funds, and the applicant was entitled to preferential payment ahead of ordinary creditors. Case-Laws Companies Law Fri, 21 Apr 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96793